Module 1: Students learn about

International economic integration

1. Describe the global economy and GWP

2. Describe the effect of globalisation on the international and regional business cycles
International division of Technology, transport Financial flows
Investment and TNCs Trade in G/S
labour and migration and communication
interdependence
3. Identify and analyse the following trends to determine the extent of global
Trade, financial flows and foreign investment
1. Describe the basis of free trade, and evaluate free trade.

Advantages Disadvantages

2. Describe the role of government economic forums and their effect on the global
economy
G7/8
G20
 3. Describe the role of international organisations and their effect on the global
economy
WTO
IMF
World Bank
OECD
United Nations
 4. Distinguish between trading blocs, monetary unions and free trade agreements.

5. Evaluate multilateral and bilateral agreements

EU
APEC
NAFTA
ASEAN
Protection
1. Outline the reasons for protection.

2. Outline the methods of protection.

3. What are the effects of protection on the domestic and global economy?
Globalisation and economic development
1. Distinguish between developing, emerging and advanced economies.

2. What are the some reasons for differences between nations?

 3. Identify and explain the differences between developing, emerging and advanced
economies with relation to globalisation in terms of:
Economic growth
Economic development and quality of life
Environmental Sustainability Trade, investment and TNCs Distribution of income and wealth

4. What are the effects of globalisation on:

The international business cycle

Module 1: Students learn to

1. Examine the effects of globalisation on economic growth and the quality of life,
levels of unemployment, rates of inflation and external stability
2. Assess the potential impact on the environment of continuing world economic
development
3. Investigate the global distribution of income and wealth
4. Assess the consequences of an unequal distribution of global income and wealth
5. Discuss the effects of protectionist policies on the global economy
6. Analyse statistics on trade and financial flows to determine the nature and extent of
global interdependence
7. Assess the impact on the global economy of international organisations and
contemporary trading bloc agreements
8. Evaluate the impact of development strategies used in a range of contemporary and
hypothetical situations
Module 2: Students learn about
Trade and financial flows
1. What are some trends in Australia’s trade patterns (value, composition and
direction)? How can they be explained?
Value
Composition
Direction

2. What are some trends in Australia’s financial flows (value, composition and
direction)? How can they be explained?
Value
Composition
Direction

3. Describe the structure of the Balance of Payments

4. Investigate the links between the Balance of Payments categories with examples
 5. What are some trends in the size and composition of Australia’s Balance of
Payments? Outline 3 key events and their effects on international competitiveness,
terms of trade, international borrowing and foreign investment. How have these
affected the balance of payments?
1:
 2:
3:

Exchange rates
1. How can exchange rates be measured?

2. What are factors affecting the supply for and demand of AUD?
3. What causes changes to the exchange rate?
4. What are the three types of exchange rates? Describe.

5. How does the RBA influence Australia’s exchange rates?

 6. What are the effects of fluctuations in exchange rates on Australia’s economy?

Module 2: Students learn to

1. Assess the impact of recent changes in the global economy on Australia’s trade and financial flows
2. Examine the effects of changes in trade and financial flows on Australia’s economic performance
3. Analyse the effects of changes in the value of the Australian dollar on the Australian economy
4. Analyse the relationship between the balance of the KAFA and the net income balance
5. Explain the relationship between the current account balance and the balance of the KAFA
6. Use supply and demand diagrams to explain how the value of a currency is determined under
different exchange rate systems
7. Analyse the impact of changes in the components of the balance of payments on the value of the
Australian Dollar